The Global Floating Solar Panels Market is expected to reach US$ 842.0
Mn by 2023, expanding at a CAGR of 65.1% during the forecast period 2016
to 2023.

Floating solar panels market is expected to witness robust growth with
rising inclination towards clean energy of various economies across the
globe. Factors such as subsidies and tax benefits offered by the
governments, directed with the aim of installation of the solar panels
along with rent benefits offered to the owners of the reservoir are
expected to provide an impetus to the growth of the solar photovoltaic
(PV) panels market. Also, scarcity of land open and increasing use of
water resources such as reservoirs, ponds, canals and rivers etc. for
the installation of floating solar panels is expected to propel the
growth of the overall market. Furthermore, the floating solar panels
enables low management and maintenance costs. The buoyant photovoltaic
(PV) panel carries with it several benefits such as it helps save water
by water evaporation retention in places with dry climate.

Further, the floating solar photovoltaic panels offers enhanced
efficiency. The cooling effect of the water helps to maintain the
temperature of the silicon panels thus enhancing the efficiency levels.
Moreover, the floating solar photovoltaic (PV) panels can also be
planted in the hydroelectric plants. However, high cost of installation
and lack of resistance to corrosion in sea water restricts the use of
floating solar panels which in turn is anticipated to hamper the demand
for the floating solar panels during the forecast period (2016-2023).